Balance sheets and income statements for Tiffany& Company follow. Refer to these financial statements to answer the requirements. Consolidated Balance Sheet Jan. 30, 2016 Jan. 31, 2015 Assets Cash and cash equivalents S595 196 1,945 278 3,014 3,735 435 514 $7,698 $827 2,306 1,733 358 5,224 3,340 435 246 S9,245 Accounts receivable, net Merchandise inventories Prepaid expenses Total current assets Land, property and equipment, net Goodwill Other assets Total assets Liabilities and Shareholders' Equity Accounts payable Accrued expenses Other current liabilities Current portion of long-term debt Total current liabilities Long-term debt, net Other liabilities Shareholders' equity: Common stock, no par value: 1,000 shares authorized; 173.5 and 190.1 shares issued and outstanding $1,324 416 1,161 10 2,911 2,795 1,121 $1,328 416 1,048 2,800 3,123 882 2,539 2,338 (1,610) (58) 871 $7,698 166 (64) 2,440 $9,245 (Accumulated deficit) Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity Jan. 30, 2016 Jan. 31.2015 Feb. 01.2014 Consolidated Income Statement Net sales Cost of sales Selling, general and administrative expenses Total operating expenses Earnings before interest and income taxes Interest income Interest expense Earnings before income taxes Income tax expense Net earnings 12,166 S 14,095 8,826 4,168 $ 13,110 8,010 3,777 7,363 3,453 10,816 1,350 32 (193) 1,189 455 S 734 12.99411757 1,101 25 (150) 976 376 S 600 1,323 30 (168) 1,185 465 $ 720 Required: Using an operating perspective a. Compute net operating profit after taxs (NOPAT) for 2016. Assume the combined federal and state statutory tax rate is 37% b. Compute net operating assets (NOA) for 2016 and 2015. 2016 2015 Operating assets Operating liabilities Net operating assets c. Compute return on net operating assets (RNOA) for 2016. d. Compute net operating profit margin (NOPM) for 2016 e. Compute net operating asset turnover (NOAT) for 2016. f Compute the net nonoperating obligations NNO for 2016 and 2015. 2016 2015 Nonoperating liabilities Nonoperating assets Net nonoperating obligations g. Compute return on equity (ROE) for 2016. h. Compute the nonoperating return component of ROE for 2016